America First Credit Union is assuming most of the assets, liabilities and operations of Las Vegas-based Community One Federal Credit Union.
On Tuesday, the National Credit Union Administration placed the Nevada financial institution into involuntary liquidation. The goal is to provide Community One members with uninterrupted credit-union service, according to the NCUA. The liquidated credit union has five branches, assets of $159 million, and 21,098 members. American First, headquartered in Riverdale, is the largest credit union in the region, with assets of $4.9 billion, 88 branches and 495,030 members.
The NCUA provides the assuming credit union with support through the National Credit Union Share Insurance Fund, funded by the credit-union industry. That way, troubled credit unions can be combined with well-capitalized institutions, ensuring no member services are at risk, according to a release announcing the change.
Community One will become a division of America First and will continue to operate as usual.